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Gibson Energy Inc. Announces 2013 Capital Spending

CALGARY, Dec. 11, 2012 /CNW/ - Gibson Energy Inc. ("Gibson" or the
"Company"), TSX: GEI, is pleased to announce that its Board of
Directors has approved a 2013 capital spending plan as follows:

$304 million for internal growth investments and for the upgrade and
replacement of existing assets;

$235 million - or 77% - of the 2013 capital spending plan is directed
towards growth investments of which $137 million - or 58% - is
earmarked for the Terminals and Pipelines segment; and

Significant investments are also planned for the Truck Transportation
segment and the new Environmental Services segment.

"Gibson's 2013 capital spending is directly aligned with the Company's
long-term objective of generating stable and growing cash flow for
shareholders through an attractive dividend and a growing asset base,"
said Stewart Hanlon, Gibson's President and Chief Executive Officer.
"Planned spending is heavily weighted towards our Terminals and
Pipelines segment, which should enable our integrated oil-levered
assets to provide diversified cash flow and stability through various
commodity and drilling cycles."

2013 Capital Spending Strategic Objectives

The strategic objectives of Gibson's 2013 capital spending program are:

Continuing growth at the Hardisty Terminal via additional large tank
construction, backstopped by long term contracts, and unit train rail
opportunities;

Growing the Edmonton Terminal by leveraging new feeder pipeline
connectivity and applying the Hardisty Terminal business model for
long-term contracted storage;

Expanding Gibson's integrated service offerings in growing North
American oil plays, such as the Western Canadian Sedimentary Basin,
Bakken, Niobrara, Granite Wash, Eagleford, Tuscaloosa Marine and the
Gulf of Mexico regions, by:

Building and expanding on the investment platform the Company
established with the acquisitions of Palko Environmental and Omni
Energy Services in emulsion treating, water disposal and oilfield waste
management;

Exploring alternatives to expand the Terminal and Pipelines business in
the United States; and

Expanding Truck Transportation services to meet growing demand;

Funding the capital program from cash on hand, cash flow from
operations, availability under the revolving credit facility and, if
necessary, new debt; and

Preserving the Company's strong balance sheet to maintain financial
flexibility. The Company has not budgeted for acquisitions, but will
evaluate opportunities as they arise.

2013 Capital Spending Highlights

(in millions)

Growth

Upgrade andReplacement

TOTAL

TERMINALS AND PIPELINES

$137

$11

$148

ENVIRONMENTAL SERVICES

55

14

69

TRUCK TRANSPORTATION

34

26

60

PROCESSING AND DISTRIBUTION

9

13

22

OTHER CORPORATE

-

5

5

TOTAL

$235

$69

$304

In 2013, approximately $235 million is allocated towards internal growth
investments of which $141 million represents spending associated with
previously approved projects. A summary of growth capital by business
segment is shown below:

Terminals and Pipelines for $137 million, primarily related to
construction of tanks at the Hardisty eastern lands, the expansion at
the Edmonton Terminal and the development of unit train and manifest
crude rail loading facilities. Of the total spend in the year,
approximately $122 million relates to projects that are expected to be
commissioned in early to mid-2014;

Environmental Services for $55 million, primarily related to growth
spend in the environmental and fluid handling business in the United
States, expansion of current facilities and additional facility
locations in Canada. This new business segment combines the Omni Energy
Services U.S. assets with the Canadian Custom Treating and Terminal
assets previously disclosed in the Terminal and Pipelines segment;

Truck Transportation for $34 million, largely relates to growth in
Canada and includes $13 million to purchase additional land in Alberta;
and

Processing and Distribution for $9 million, largely related to tanks and
trucks for Canwest Propane and storage and rail facilities at Sexsmith,
Alberta in support of our Wellsite Fluids business.

Upgrade and replacement capital is approximately $69 million in 2013.
The planned spending will largely be focused on ensuring safety,
reliability and efficiency of existing operations. Capital is higher
than previous years due to the growth in assets across the Company and
resultant EBITDA growth. Included in the upgrade and replacement
capital spend is $12 million related to the acquired Omni Energy
Services' assets of which $4 million is considered non-recurring in
nature.

The amount and allocation of capital spending for 2013 is subject to
review and modifications by management on an ongoing basis throughout
the year. In addition, the Board of Directors regularly reviews the
capital program during the year in light of business and economic
conditions and may modify the 2013 capital spending plan as the year
progresses.

2014 Growth Capital Spending Estimate

The Company only prepares detailed capital budgets for 2013 but has a
strong indication of capital needs for the following year, which are:

Estimated capital growth spending for 2014 is expected to be in excess
of $200 million with approximately 60% to 65% of the spending allocated
to the Terminals and Pipelines segment; and

$160 million represents spending associated with projects approved in
2012 or expected to be approved in 2013.

About Gibson

Gibson is one of the largest independent midstream energy companies in
Canada, and an integrated service provider to the oil and gas industry
in the United States. Gibson is engaged in the movement, storage,
blending, processing, marketing and distribution of crude oil,
condensate, natural gas liquids, refined products, water and waste.
Gibson transports energy products by utilizing its network of terminals
and pipelines, storage tanks, and trucks located throughout western
Canada and through its significant truck transportation and injection
station network in the United States. Gibson also provides emulsion
treating, water disposal and oilfield waste management services in
Canada and the United States and is the second largest retail propane
distribution company in Canada.

Gibson's primary objective is to generate stable and growing cash flows
for shareholders through an attractive dividend and a growing asset
base.

Forward-Looking Statements

Certain statements contained in this news release constitute
forward-looking information and statements (collectively,
"forward-looking statements"). These statements relate to future events
or the Company's future performance. All statements other than
statements of historical fact are forward-looking statements. The use
of any of the words ''anticipate'', ''plan'', ''contemplate'',
''continue'', ''estimate'', ''expect'', ''intend'', ''propose'',
''might'', ''may'', ''will'', ''shall'', ''project'', ''should'',
''could'', ''would'', ''believe'', ''predict'', ''forecast'',
''pursue'', ''potential'' and ''capable'' and similar expressions are
intended to identify forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those
anticipated in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not be
unduly relied upon. These statements speak only as of the date of this
news release. The Company does not undertake any obligations to
publicly update or revise any forward looking statements except as
required by securities law. Actual results could differ materially
from those anticipated in these forward-looking statements as a result
of numerous risks and uncertainties including, but not limited to, the
risks and uncertainties described in "Forward-Looking Statements" and
"Risk Factors" included in the Company's Annual Information Form dated
March 6, 2012 as filed on SEDAR and available on the Gibson website at www.gibsons.com.